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The PenFed Power Cash Rewards Visa Signature Card has an offer for $100 bonus cash when you spend $1,500 within the first 90 days. Although not the best welcome offer out there, it’s a solid one considering the card doesn’t cost anything to carry. For more no-annual-fee credit card offers such the Chase Freedom Unlimited® card offer, see our list.
Power Cash Rewards offers a decent baseline rate of 1.5% cash back on all purchases. If you qualify for its bonus rate, the card goes from good to excellent. Find out how to get the higher 2% cash back rate on all spending below.
But if you’re not associated with the military, or you want a simple application process, none of the PenFed credit cards will be a good fit.
CHASE FREEDOM UNLIMITED®
The Chase Freedom Unlimited® credit card has an offer for $200 bonus cash after you spend $500 on purchases in your first 3 months from account opening.
This card also earns 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
The Chase Freedom Unlimited® earns Ultimate Rewards points. Points can be pooled with those from other eligible Chase cards, such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® and Ink Business Preferred® Credit Card. More on this here.
Power Cash Rewards Card $100 Bonus Cash Offer
Take advantage of the Power Cash Rewards card’s introductory offer: $100 as statement credit. To qualify, charge at least $1,500 to your card within the first 90 days of opening your account.
Here are some ideas on meeting the spending requirement.
Earning Power Cash Rewards
Power Cash Rewards offers a base flat rate of 1.5% cash back on all purchases. That’s a good return for a rewards card with no annual fee.
If you’re a PenFed Honors Advantage member, the cashback rate jumps to 2% for all purchases. Current or former members of the military qualify, as well as PenFed Access America checking accountholders.
Redeeming Power Cash Rewards
When you’re ready to redeem your Power Cash Rewards, you have a few options, including:
- Statement credit
- Deposit into PenFed account
- Transfer to another financial institution
There is no minimum redemption requirement, and your rewards will never expire as long as your account remains open and in good standing.
Power Cash Rewards Card Eligibility
Before you can apply for the Power Cash Rewards card, you’re required to join the PenFed credit union. To qualify, you must meet one of the following:
- You are retired, honorably discharged or currently serving the U.S. military.
- You are an employee of a qualifying organization.
- You belong to a qualifying association or organization.
- You are an employee of the U.S. government.
- You live or work in an eligible location.
- You are a family member or housemate of someone who is eligible.
*Visit penfed.org for more details
If you don’t fit into any of the above requirements, you can join either National Military Family Association or Voices for America’s Troops to qualify. Minimal fees do apply.
Bottom Line
PenFed Power Cash Rewards Visa Signature belongs at the top of the cashback credit card list with its excellent (2%) rates, if you qualify. You’ll also get a nice bonus worth $100 if you spend $1,500 within 90 days of opening your account. All of that, for no annual fee.
But if you aren’t a PenFed Honors Advantage member, there are other options that will match or beat the card’s 1.5% baseline cash back rate.
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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.